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Trakx launches a new product: Trakx USDc Earn CTI powered by OpenTrade

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PARIS, April 25, 2024 /PRNewswire/ — Trakx, an emerging global fintech company providing thematic Crypto Tradable Indices (“CTIs”), today announced the launch of the Trakx USDc Earn CTI powered by OpenTrade that is designed to allow users to easily generate high risk-adjusted returns on their USDc backed by US Treasury Bill yields.

With the USDc Earn CTI, Trakx offers a unique instrument that seamlessly earns US Treasury Bills (T-Bills) like returns, while the assets are securely managed through OpenTrade’s bankruptcy remote structure.

USDc holders on Trakx can now maximize the value of their USDC holdings by investing in Trakx USDc Earn CTI to earn stable, predictable yield, backed by real world financial assets, all through the existing Trakx interface.The product will be available as a standard CTI on the Trakx platform but can also be customised based on specific needs and requirements.

Trakx’s partnership with OpenTrade is a case study in how France is emerging as a regional hub for digital asset companies that want to build products in an innovation-forward regulatory and business environment. As a French regulated Digital Asset Service Provider, Trakx exemplifies how digital asset firms are integrating traditional and digital asset finance in a secure and consumer-friendly manner.

Jeff Handler, Co-founder & Chief Commercial Officer of Opentrade comments, “The USDc Earn CTI is a great example of how RWA-backed yield products can drive value for users by providing them with the option to easily generate high risk-adjusted returns on idle balances in a way that is truly seamless and highly secured. We’re thrilled to have been able to work with Trakx on this solution, and look forward to seeing the growth of this product.”

Lionel Rebibo, CEO and founder of Trakx stated: “This initiative marks a pivotal moment as we are now offering a product that is at the intersection of both the digital and traditional worlds. USDc holders will soon be able to seamlessly transform their dormant assets into a reliable source of revenue. By investing in the USDc Earn CTI, clients will enjoy competitive returns comparable to other products, such as DeFi, while benefiting from the security offered by traditional finance.”

About Trakx
Trakx is a global fintech company creating new standards for digital asset investments. Through their trading platform, they offer thematic Crypto Tradable Indices (CTIs) and customised solutions, providing sophisticated investors a high degree of compliance, custody and liquidity. Trakx is registered with the French regulator (AMF). For more information, please visit us online at www.trakx.io

About OpenTrade
OpenTrade is an institutional grade platform for on-chain lending and yield products. OpenTrade’s platform allows FinTechs building next generation digital dollar apps to offer users yield products backed by high quality liquid assets in a way that is seamless, secure, and compliant. OpenTrade’s global customers can offer the world’s most accessible US Dollar- and Euro-denominated yield products with the click of a button, and the security guarantee of a bankruptcy remote, time-tested legal framework.

View original content:https://www.prnewswire.co.uk/news-releases/trakx-launches-a-new-product-trakx-usdc-earn-cti-powered-by-opentrade-302126366.html

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PB Fintech slips 2% after over 8 million shares change hands via block deal

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PB Fintech witnessed a 2% decline in its stock price, reaching Rs 1,313.65 per share, as approximately 8.4 million shares, equivalent to 1.86% of outstanding shares, were exchanged via block deals on the exchanges. By 9:44 AM, the volume surged to 9 million shares collectively on both exchanges, while PB Fintech’s stock price dipped by 0.56% to Rs 1,333 apiece, contrasting with a 0.22% decline in the S&P BSE Sensex.

Executive Share Sales

On May 16, PB Fintech announced that its Chairman and CEO, Yashish Dahiya, alongside Vice Chairman and Whole-time Director, Alok Bansal, intended to sell partial stakes in the company. Dahiya plans to sell up to 5.4 million equity shares, while Bansal aims to divest up to 2.97 million equity shares. Proceeds from the sale will be allocated primarily towards taxes on current and future ESOP exercises.

Following the sale, Dahiya will retain a 4.83% stake, while Bansal will hold a 1.63% stake in PB Fintech on a fully diluted basis. The company clarified that no further share sales are planned by the duo for at least one year.

Company Profile and Financial Performance

PB Fintech is actively involved in providing integrated online marketing and IT consulting services, primarily for the financial services industry, including insurance. The company operates Policybazaar, India’s largest digital insurance marketplace, and Paisabazaar, which offers lending-related services.

In Q4FY24, PB Fintech reported a net profit of Rs 60.19 crore, marking a significant improvement from the Rs 9.34 crore loss in the corresponding period of the previous year. The company’s revenue from operations surged by 25.4% year-on-year to Rs 1,090 crore in Q4 FY24, compared to Rs 869 crore in Q4 FY23.

For the entire fiscal year, PB Fintech’s net profit stood at Rs 64 crore, contrasting with the Rs 488 crore loss in FY23. The company’s consolidated operating revenue rose by 34% year-on-year to Rs 3,437 crore.

Analyst Perspectives

Analysts at Nuvama Institutional Equities raised their FY25/26 Ebitda estimates significantly to accommodate higher growth and improved profitability. However, they maintained a ‘Reduce’ rating on the stock due to its rich valuation, revising their target price to Rs 1,160.

Keynote Capital downgraded PB Fintech’s stock to ‘Reduce’ from ‘Buy’, citing that most of the positives appear to be priced in. Despite acknowledging the company’s positive momentum and profitability, the brokerage believes that current market expectations may be overly optimistic.

PB Fintech continues to navigate its growth trajectory amidst strategic initiatives and evolving market dynamics, as reflected by varying analyst viewpoints.

Source: business-standard.com

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US fintech Yendo secures $165m in mix of debt financing and equity

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Yendo, a prominent fintech company based in the United States, has successfully secured $165 million in funding through a combination of debt financing and equity investment.

Funding Structure

The funding round comprised a mix of debt financing and equity infusion, highlighting investors’ confidence in Yendo’s growth prospects and business model. This significant financial injection underscores Yendo’s position as a key player in the fintech sector.

Investment Highlights

Yendo’s ability to attract such substantial investment underscores its appeal to investors. The company’s innovative approach and strategic positioning within the fintech landscape have positioned it for accelerated growth and market expansion.

Utilization of Funds

The newly raised capital will likely be deployed to fuel Yendo’s expansion initiatives, including product development, market expansion, and strategic acquisitions. The infusion of funds will provide Yendo with the financial resources needed to capitalize on emerging opportunities and consolidate its market position.

Market Impact

Yendo’s successful funding round is expected to have a positive impact on the broader fintech market, signaling investor confidence in the sector’s growth potential. The influx of capital into Yendo reflects the ongoing trend of significant investment activity within the fintech industry, driven by increasing demand for innovative financial solutions.

Source: fintechfutures.com

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Commerce Bank goes live with instant payment service FedNow through Temenos Payments Hub

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Commerce Bank, headquartered in Kansas City, USA, has recently activated the FedNow instant payments service as part of its ongoing modernization efforts.

Collaboration with Temenos

Commerce Bank has partnered with Temenos, a leading Swiss vendor, to enhance its real-time payment capabilities. This collaboration builds upon Commerce Bank’s previous deployment of Temenos’ core banking platform in 2022 and its adoption of the Infinity loan origination solution earlier this year.

Utilization of Temenos Payments Hub

Commerce Bank has opted for the Temenos Payments Hub to integrate the FedNow service seamlessly. According to Temenos, this choice aims to amalgamate advanced banking products with cutting-edge delivery methods.

Insight from David Roller

David Roller, CIO of Commerce Bank, views this selection as a strategic step in their modernization journey. He emphasizes the bank’s commitment to meeting the evolving expectations of its customers by leveraging the capabilities offered by the Temenos platform.

Features of the Platform

The Temenos Payments Hub, delivered via Software-as-a-Service (SaaS), offers a comprehensive suite of payment tools and frameworks. These include features like straight-through processing, automated exception handling, cloud security measures, intelligent routing, and customizable workflows.

Leveraging the US Model Bank

In addition to the Temenos Payments Hub, Commerce Bank has also leveraged Temenos’ US Model Bank. This collection of pre-configured banking processes is tailored to address the specific requirements of the US market, further enhancing Commerce Bank’s operational efficiency and customer service.

Source: fintechfutures.com

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